Patrick Industries completed the acquisition of the business and certain assets of Elkhart, Ind.-based Mishawaka Sheet Metal for about $14 million, the company said in a news release Monday (June 20).
Mishawaka Sheet Metal is a full service distributor and fabricator of a wide variety of aluminum and steel products serving both the RV and industrial markets.
In 2015, the sheet metal company’s revenues were about $28 million.
Patrick will continue to operate the business on a stand-alone basis under the MSM brand name in its existing facility.
“The acquisition of MSM allows us to capitalize on its value-added manufacturing capabilities, products, and expertise as a leading supplier and manufacturer of high-quality, customized aluminum and steel components,” said Patrick Industries CEO Todd Cleveland. “In addition to further expanding our market presence and increasing our RV content per unit, the acquisition of MSM provides us the opportunity to continue to penetrate adjacent industrial markets with our broad product offering and value proposition.”
The purchase was funded under Patrick’s existing credit facility and includes the acquisition of accounts, inventory, machinery and equipment.
“Our management team is excited and energized to join the Patrick organization and further showcase our aluminum and steel fabrication capabilities,” MSM President Jeff Troyer said. “The additional manufacturing and distribution expertise and resources that Patrick brings can help propel MSM and its team members to the next level.”